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v3.25.3

Long-duration insurance contracts (Tables) | 9 Months Ended
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Sep. 30, 2025
Insurance [Abstract] |
Summary of life, annuity and health insurance benefits liabilities | A summary of our long-duration life, annuity and health insurance benefits liabilities disaggregated by our principal product categories follows (in millions).
| September 30, |
| 2025 |  |  | 2024 |
Periodic payment annuity (“Annuities”) | $ | 10,578 |  |  | $ | 11,136 |
Life and health |  | 4,721 |  |  |  | 4,456 |
Other |  | 2,976 |  |  |  | 3,020 |
| $ | 18,275 |  |  | $ | 18,612 |
Summary of changes in discounted present values of expected future policy benefits and expected future net premiums | Net premiums represent the portion of expected gross premiums that are required to provide for future policy benefits and variable expenses.
| Annuities |  |  | Life and health |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Expected future policy benefits: |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning of the year | $ | 10,276 |  |  | $ | 11,212 |  |  | $ | 43,784 |  |  | $ | 52,665 |
Balance at the beginning of the year - original discount rates |  | 11,757 |  |  |  | 11,681 |  |  |  | 55,170 |  |  |  | 65,871 |
Effects of cash flow assumption changes |  | — |  |  |  | — |  |  |  | (138 | ) |  |  | 1,485 |
Effects of actual versus expected experience |  | (17 | ) |  |  | 2 |  |  |  | 199 |  |  |  | (12,709 | )
Change in benefits, net |  | (373 | ) |  |  | (357 | ) |  |  | (1,434 | ) |  |  | (1,404 | )
Interest accrual |  | 417 |  |  |  | 411 |  |  |  | 981 |  |  |  | 891 |
Foreign currency effect |  | 110 |  |  |  | 96 |  |  |  | 1,728 |  |  |  | 218 |
Balance at September 30 - original discount rates |  | 11,894 |  |  |  | 11,833 |  |  |  | 56,506 |  |  |  | 54,352 |
Effects of changes in discount rate assumptions |  | (1,316 | ) |  |  | (697 | ) |  |  | (11,122 | ) |  |  | (11,111 | )
Balance at September 30 | $ | 10,578 |  |  | $ | 11,136 |  |  | $ | 45,384 |  |  | $ | 43,241 |
Expected future net premiums: |  |  |  |  |  |  |  |  |  |  |
Balance at the beginning of the year |  |  |  |  |  |  | $ | 39,294 |  |  | $ | 46,916 |
Balance at the beginning of the year - original discount rates |  |  |  |  |  |  |  | 49,500 |  |  |  | 58,731 |
Effects of cash flow assumption changes |  |  |  |  |  |  |  | (97 | ) |  |  | 1,449 |
Effects of actual versus expected experience |  |  |  |  |  |  |  | 164 |  |  |  | (11,033 | )
Change in premiums, net |  |  |  |  |  |  |  | (1,418 | ) |  |  | (1,348 | )
Interest accrual |  |  |  |  |  |  |  | 879 |  |  |  | 791 |
Foreign currency effect |  |  |  |  |  |  |  | 1,604 |  |  |  | 200 |
Balance at September 30 - original discount rates |  |  |  |  |  |  |  | 50,632 |  |  |  | 48,790 |
Effects of changes in discount rate assumptions |  |  |  |  |  |  |  | (9,969 | ) |  |  | (10,005 | )
Balance at September 30 |  |  |  |  |  |  | $ | 40,663 |  |  | $ | 38,785 |
Liabilities for future policy benefits: |  |  |  |  |  |  |  |  |  |  |
Balance at September 30 | $ | 10,578 |  |  | $ | 11,136 |  |  | $ | 4,721 |  |  | $ | 4,456 |
Reinsurance recoverables |  | — |  |  |  | — |  |  |  | (52 | ) |  |  | (52 | )
Balance at September 30, net of reinsurance recoverables | $ | 10,578 |  |  | $ | 11,136 |  |  | $ | 4,669 |  |  | $ | 4,404 |
Summary of Other Information Relating to Long-Duration Insurance Liabilities | Other information relating to our long-duration insurance liabilities follows (dollars in millions).
| Annuities |  |  | Life and health |
| September 30, |  |  | September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Undiscounted expected future gross premiums | $ | — |  |  | $ | — |  |  | $ | 103,457 |  |  | $ | 101,134 |
Discounted expected future gross premiums |  | — |  |  |  | — |  |  |  | 61,069 |  |  |  | 58,530 |
Undiscounted expected future benefits |  | 30,522 |  |  |  | 30,915 |  |  |  | 94,059 |  |  |  | 91,751 |
Weighted average discount rate |  | 5.7 | % |  |  | 5.2 | % |  |  | 5.0 | % |  |  | 4.7 | %
Weighted average accretion rate |  | 4.8 | % |  |  | 4.8 | % |  |  | 2.6 | % |  |  | 2.6 | %
Weighted average duration | 16 years |  |  | 17 years |  |  | 13 years |  |  | 13 years |
Summary of gross premiums earned and net interest expense | Gross premiums earned and interest expense before reinsurance ceded for the first nine months of 2025 and 2024 were as follows (in millions).
| Gross premiums |  |  | Interest expense |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Annuities | $ | — |  |  | $ | — |  |  | $ | 417 |  |  | $ | 411 |
Life and health |  | 2,938 |  |  |  | 2,831 |  |  |  | 102 |  |  |  | 100 |

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